The price of crude oil has locked at its highest level in 29 months, on the background of concerns that an escalation in the unrest in Libya will cause additional disruption of oil supply from that country, as well as analysts' predictions that the price of oil may leap up to the levels of 200 United States dollars for one barrel of oil, should the unrest spread to Saudi Arabia.
Crude oil futures for April have locked yesterday at a price of 105.44 United States dollars for one barrel of oil, after a 1% climb at the New York Commodities Exchange. We noted that during trade, oil approached the level of 107 United States dollars for one barrel of oil, before retreating back down just before the lock.
Also in the commodities market, gold futures for April have locked at a price level of 1,435 United States dollars for one ounce after a 0.4% climb at the New York Commodities Exchange. During trading, the price of gold rose to an intra-daily high of 1,445.7 United States dollars for one ounce. Silver futures for May have locked at a price level of 35.865 United States dollars for one ounce at the New York Commodities Exchange – a 31-year high, after a 1.5% climb observed yesterday.
In Europe, the Moody's credit agency has reduced Greece's credit rating from a level of Ba1 to B1, due to the difficulties that country is experiencing with regards to its debt and the increased likelihood of a default. Furthermore, Moody's published a negative prediction for Greece's credit rating, stating that further cuts may be carried out, should the pace of reforms in Greece not be accelerated.
